Issue 18-103 Price of New Housing

June 14, 2018

The cost of new housing in B.C. remained unchanged between March and April. Prices in all reported CMAs in the province also remained unchanged compared to the previous month.

Relative to the same month of 2017, the cost of new housing in B.C. continued to climb in April, rising by 6.3%, the largest increase among provinces. Vancouver (+7.1%) reported the largest price increase among all surveyed census metropolitan areas, with the price of both land (+2.1%) and buildings (+8.9%) up from last year. In Victoria, new housing prices rose 1.4% in April compared to the same month the previous year, while Kelowna saw prices climb by 3.3% in the same period.

Nationally, new housing prices were 1.6% higher in April than in the same month of 2017, led by Vancouver (+7.1%) and London (5.8%). The increase was widespread, with new housing prices up in all but six of the reported census metropolitan areas, with Saskatoon (‑1.5%) posting the largest decrease.

New Housing Price Index, Canada and B.C.

Source: Statistics Canada